Concerns over UK Financial Sector could weigh on Sterling
The French are making things difficult for the UK in Brexit talks. French Economy Minister, Bruno Le Maire has stated there is very little chance of Britain securing a free trade deal for the financial services that would provide the level of access the UK seeks. Le Maire said the UK would have to use a legal mechanism known as equivalence. Equivalence allows countries outside the EU limited access to the single market, controlled by Brussels, access can be revoked at any time which would certainly not sit well with large financial firms. Indeed Goldman Sachs has already started moving UK employees to Frankfurt due to the uncertainty surrounding Brexit.
May’s call for a mutual recognition system which would still give UK financial services access to the single market has already been rejected. Single Market access for financial services is one of the most important points of negotiation in the Brexit process and this could be a major stumbling block. The financial services sector is the UK’s biggest form of tax income.
France’s thinly veiled ploy to turn Paris into the new focal point of financial services is causing real trouble for the UK economy and the Pound as a result.
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